topic Enter the total amount you put into a traditional ira for 2023 in Deductions & credits

Enter the total amount you put into a traditional ira for 2023

Schwarz — Tue, 10 Feb 2026 11:17:29 GMT

I put in $600 of my taxed money into a Traditional IRA for 2023. When I put the amount into block, it says I owe money but it was taxed already. Whart am I doing wrong?

Re: Enter the total amount you put into a traditional ira for 2023

JulieS — Mon, 19 Feb 2024 13:48:36 GMT

Yes, if TurboTax shows that you owe more after you enter an IRA contribution, that means the program is showing an excess contribution.

Since $600 is no where near an excess contribution by itself, I wonder if you have entered any other IRA contributions for the year.

You are allowed to contribute up to $6500 total per year to all forms of IRAs ($7500 if you are over 50 years old).

That means if you contribute $6500 to your Roth IRA and $600 to a traditional IRA, you have an excess contribution of $600.

If you are making contributions to retirement plans through work, you only enter that information on the W-2 screen.

To see if you have actually overcontributed, or just entered your information wrong, review the IRA contribution section:

Open your return.
Select Federal, then Deductions & Credits.
Scroll down to Traditional and Roth IRA Contributions, select Start or Edit.
Check the box next to the type of IRA accounts you have, then select Continue.
Answer Yes to Did you Contribute To a Traditional IRA?
Answer No to Is This a Repayment of a Retirement Distribution?
Enter your traditional IRA contribution here. As the note here says, don't include Roth contributions, rollovers, or any amount already shown on your W-2 form. Select Continue.
Answer the next few screen according to your situation.
Repeat the process for your Roth IRA if you have one.
The program will tell you if an excess contribution was detected and will provide some guidance on how to fix it.

If you have overcontributed to your IRA accounts, you can contact your IRA administrator and take a corrective action, such as removing the excess contribution plus earnings from your IRA.

As long as you make any needed corrections by April 15, there is no penalty.

Re: Enter the total amount you put into a traditional ira for 2023

Schwarz — Mon, 19 Feb 2024 14:01:43 GMT

No, I have only contributed $600 total this year. I have no Roth. It’s a 401k Traditional IRA. I did not come close to the $6500 on contributions. I have already entered my 1099-DIV under Interest and Dividends.

Re: Enter the total amount you put into a traditional ira for 2023

DanaB27 — Wed, 21 Feb 2024 12:06:29 GMT

Please be aware that you do not enter the 401k contributions in the IRA contribution section. Retirement plans at work, like the 401k, is not an IRA and therefore won't be entered in the IRA contribution section under Deductions and Credit. You only enter traditional IRA and Roth IRA in this section.

To delete the entry:

Login to your TurboTax Account
Click on "Search" on the top right and type “IRA contributions”
Click on “Jump to IRA contributions"
Deselect the IRA and click "continue"
Confirm that you want to delete the entry.